We saw mortgage rates drop significantly last month. The most recent decrease will save new borrowers an additional $15.61 per month for every $100,000 borrowed. Average U.S. rates for 30-year fixed rate mortgages were at 4.55% at the end of December (and are even a little lower as I am writing this). At the end of November, they were sitting at 4.81%. We are continuing to see a bit of a zig zag approach to the market with a few months of rising rates followed by a month or two of decline.
Whether you are looking to buy, sell or invest in real estate, it is important to understand market conditions. Real estate is hyper-local, with market dynamics changing from subdivision to subdivision. However, county trends generally give you a good idea of what to expect.
The luxury single family home market ($1M+ homes) is more of a buyer’s market in both Sarasota County and Manatee County this year than last. Markets are generally considered in “balance” when there is about six months of inventory for sale at the current pace of home sales. When the inventory gets greater than that, buyers tend to have more leverage than sellers in negotiations.
Located in the sought-after Belleisle neighborhood of Lakewood Ranch’s exclusive Country Club East, this two-bedroom, two-bathroom home has 1,792 square feet of living space and a two-car garage. Listed at $434,000, this home features the best of Florida living.
The latest mortgage statistics show an improving market in Sarasota and Manatee counties as the numbers continue to improve. Both short-term delinquency rates (30 days late) and serious delinquencies (90 days + late) are lower than they were last year at this time. From a mortgage perspective, Hurricane Irma had significantly more impact than this year’s red tide.